The true cost of your event

 

 

 

 

The question more and more event professionals are asking is:

 

How can I find out the true cost of my event?

Event professionals need to be able to see through all the commission, the management fees and the mark ups to consider the true cost of an event and to assess the value they may or may not be getting. How can we do this? By asking for Transparency and formalising this request with a set of expectations set out in a BNC Transparency Network best practice document.

 

What do we want to happen?

For standards of service - when it comes to quoting, booking and invoicing - to improve and become transparent.

How will this happen?

By creating a BNC Transparency Network that both sides of the industry – buyers and suppliers – can use as a set of guidelines which promote and encourage better working relationships and best practice models.

Managed by The BNC, the Transparency Network will run in a similar fashion to a check-a-service type scheme. Our Club members and BNC Event Show guests will recommend transparent suppliers who will then agree to work towards a set of BNC Transparency Network Best Practice Principles. Buyers will also promise to do the same.

Who is this for?

For both the buyers and suppliers within the industry. Most of our members are happy with their suppliers. We are representing and supporting the minority who are in search of better methods, standards and relationships within the events industry. It's a supplier-led industry and buyers at times feel less empowered and vulnerable. We aim to be a voice for the buyers in the industry and a source of support to suppliers in helping them have better conversations and long-lasting relationships with buyers.

Why are we doing this?

The BNC exists to bring buyers and suppliers together in productive and professional ways, often through forums and round tables, our BNC Event Shows, through positive experiences and recommendations shared through The BNC online networking and at face-to-face events. Where there are problems or issues across the industry – as highlighted by our members – we try to bring resolution and results.

This initiative has been set-up because we support our members and want to help them work towards event industry change. The BNC Transparency Network will empower buyers to have better conversations and dealings with their suppliers.

What we are not doing

We are advocates of building great event industry relationships - we're not about omitting the agency process or blacklisting any hotel, venue or events service. There are many agents and hotels who have been transparent for some time - and we will work with them on the launch of this initiative. Good suppliers will understand each client’s business and work hard and with integrity - not inflate bills and prevent you from having the event you are aiming for.

How will buyers know who is part of the scheme?

Suppliers will commit to adhering to The BNC Transparency Network Best Practice Principles and it will become part of the pre-contract signing discussions. Both the buyer and the supplier will have their own version of The BNC Transparency Network Best Practice Principles as support and try to encourage its use where possible. Once a supplier has proven to be working towards the principles consistently they will be able to purchase their unique logo and website identity which will further publicise their participation in the scheme. Buyers will then have a menu of transparent-approved suppliers to choose from.

Who will monitor it?

The 1000+ members of The BNC will be educated on the principles and practicalities of The BNC Transparency Network and they will help to be part of that checking system. Supplier and buyer checks will be done regularly by BNC staff and lead Transparency Steering Group members.

How much does it cost to join?

It doesn’t cost anything for year 1 and then there is a small, yearly admin fee from Jan 2020.

Transparency is a good thing to strive towards as it will create a fair and competitive environment and it will raise standards across the industry.

For copies of The BNC Transparency Network Best Practice Principles please write to: ask@thebnc.co.uk